Benko’s Signa Collapse Traps Elite Lenders in Massive Losses

Welcome to Going Private, I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we explore one of the wily ways private credit firms are looking to lure borrowers away from banks, a cautionary tale for data center backers and the unexplained hurdles facing global managers seeking to do business in China. But first, we look at the billionaire private lenders caught up in the demise of Rene Benko’s glittering real estate empire. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net

Rene Benko built a $23 billion property empire on charm, chutzpah and enormous sums of private capital doled out by some of the world’s most sophisticated investors.